Universal electronic payments technology company, Paymenex, has announced the introduction of x-wallet – a tool for online transactions.

The concept of this company started as a project in 2005 and quickly turned into a successful commercial product in 2007. The company is engaged in facilitating real time electronic payment between consumers and businesses. It provides a global switching of electronic money transactions, payment processing, and real time gross settlement (RTGS) for financial institutions.

These services are provided to clients worldwide through an advanced network called Paymenex TransNET. Paymenex TransNET is an all-in-one payment and financial transaction platform. It has a sophisticated 3 tier card security and is powered by the 3WSentry Card security technology. It allows the issuing, processing and transactions with Paymenex range of branded credit and debit cards, disposable vouchers, money service business card, debt collection account card, store value and Gift Card, Points, Reward and Incentives.

The 3 W Sentry card security technology is an effective solution for preventing online fraud. It uses variable password and obfuscates personal information during the process of online payment authentication. This helps prevent identity theft as well as makes the online payment process much more secure.

With the implementation of the Paymenex electronic payment technology, ecommerce businesses can make sure their site is safe from potential online fraud. It also provides buyers the peace of mind that their financial information is secure and they can thus take advantage of the convenience offered by online purchasing.

Paymenex services are also accessible through xWallet, a mobile application. xWallet is a multi-channel payment collection, reporting, transferring, merchant acquiring and bill presentment and payment financial services platform. It is powered by the Paymenex TransNET network. The ultimate advantage offered by xWallet is the fact that it provides an efficient, mobile and secure service available globally.

xWallet enables users to make payments to merchants, send money to friends, colleagues, business associates or clients, pay their bills, make online purchases, find information related to their balance, PIN and other similar services. With a Paymenex Debit Card, xWallet Mobile users can have access to their local banking services as well as manage their bank accounts from anywhere in the world.

Moe Alharazi, CEO of Paymenex in America said “The xWallet Mobile is the first international mobile money platform available in multiple currencies for banked and unbanked, it enables financial institutions worldwide to provide their account holder’s a convenient electronic access to their bank account on their mobile from anywhere in the world.”

It is secure, mobile and flexible and offers several features and functions to users. It is an all in one mobile banking, mobile wallet and mobile payment application. It provides national and international coverage, interconnectivity and acceptability. It is also connected to mobile money transfer networks around the globe with SMS/USSD Integration for messaging and alerts. All transactions are closely monitored and reports are generated regularly.

With Paymenex both merchants and consumers can be assured that their online transactions would be free from fraud and theft and would enable them to continue utilizing the benefits offered by ecommerce.

Related reading

Agents need to be aware of new types of fraud and understand how to reduce their incidence and impact. If they don’t, they could find themselves outsmarted and out of pocket. By Anthony Hynes, Managing Director and CEO, eNett International.

In a world where nearly everyone is buying and selling on a mobile device, how on earth do you make sense of all the noise, clutter and blurring of spaces and faces? The excitement of the mobile age comes with its problems – one of the worst being fraud. By Stephen Ufford, CEO, Trulioo.

Traditionally, the banking industry has often struggled to make quick technical advancements so in some cases it is unsurprising that older systems are holding them back. By Kyle Ferguson, Chief Executive Officer, Fraedom.

In a world where nearly everyone is buying and selling on a mobile device, how on earth do you make sense of all the noise, clutter and blurring of spaces and faces? The excitement of the mobile age comes with its problems – one of the worst being fraud. By Stephen Ufford, CEO, Trulioo.